Correlation Between 26442UAG9 and Sandstorm Gold
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By analyzing existing cross correlation between DUKE ENERGY PROGRESS and Sandstorm Gold Ltd, you can compare the effects of market volatilities on 26442UAG9 and Sandstorm Gold and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in 26442UAG9 with a short position of Sandstorm Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of 26442UAG9 and Sandstorm Gold.
Diversification Opportunities for 26442UAG9 and Sandstorm Gold
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between 26442UAG9 and Sandstorm is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding DUKE ENERGY PROGRESS and Sandstorm Gold Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sandstorm Gold and 26442UAG9 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on DUKE ENERGY PROGRESS are associated (or correlated) with Sandstorm Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sandstorm Gold has no effect on the direction of 26442UAG9 i.e., 26442UAG9 and Sandstorm Gold go up and down completely randomly.
Pair Corralation between 26442UAG9 and Sandstorm Gold
Assuming the 90 days trading horizon DUKE ENERGY PROGRESS is expected to under-perform the Sandstorm Gold. But the bond apears to be less risky and, when comparing its historical volatility, DUKE ENERGY PROGRESS is 6.85 times less risky than Sandstorm Gold. The bond trades about -0.08 of its potential returns per unit of risk. The Sandstorm Gold Ltd is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 560.00 in Sandstorm Gold Ltd on September 2, 2024 and sell it today you would earn a total of 19.00 from holding Sandstorm Gold Ltd or generate 3.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 96.88% |
| Values | Daily Returns |
DUKE ENERGY PROGRESS vs. Sandstorm Gold Ltd
Performance |
| Timeline |
| DUKE ENERGY PROGRESS |
| Sandstorm Gold |
26442UAG9 and Sandstorm Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 26442UAG9 and Sandstorm Gold
The main advantage of trading using opposite 26442UAG9 and Sandstorm Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 26442UAG9 position performs unexpectedly, Sandstorm Gold can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Sandstorm Gold will offset losses from the drop in Sandstorm Gold's long position.| 26442UAG9 vs. AEP TEX INC | 26442UAG9 vs. US BANK NATIONAL | 26442UAG9 vs. International Business Machines | 26442UAG9 vs. Intel |
| Sandstorm Gold vs. Fortitude Gold Corp | Sandstorm Gold vs. New Gold | Sandstorm Gold vs. Galiano Gold | Sandstorm Gold vs. GoldMining |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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